Abstract
The article concerns the responsibility of financial institutions, primarily banks, for sustainable development and pro-ecological activities. The aim of the presented study is to identify the scope of activities of financial institutions in the field of sustainable development. What roles could banks have in contributing to sustainable development by offering socially responsible financial products? The authors conducted both quantitative research on a random group of Polish managers and a Delphi study on a group of several dozen experts, former members of the government, and bank presidents. The main results of the research indicate a 78% support among Polish managers for the activities of enterprises in accordance with the principles of sustainable development. More than 60% of the experts surveyed said that offering socially responsible financial products by banks is a growing trend in the economy. Moreover, two-thirds of the study’s participants think that such products are to be characterized by lower fees and margins than other standard financial products. Examples of the most frequently mentioned and expected products include those related to the development of green energy and eco-innovations or waste disposal. The results of the conducted research clearly indicate the need for financial institutions or banks to offer socially responsible financial products, which should become a part of their development strategies.
Highlights
Corporate social responsibility (CSR) is currently associated with the sustainable development of enterprises and the circular economy
Sample research questionnaire and a list of key experts were at the disposal of the authors of the research. It was crucial for the authors of the study to find the opinions of managers from Poland on whether it is important to follow the principles of sustainable development in business activities
(40%) in Poland confirmed the need to consider the principles of sustainable development in their business activities in every situation (Figure 1)
Summary
Corporate social responsibility (CSR) is currently associated with the sustainable development of enterprises and the circular economy. In. Poland, it is estimated that managers of the largest Polish companies are aware of the concept of responsible business. The growing interest in the corporate responsibility is visible in the growing number of companies presenting their practices in various types of reports each year. There are no wider research and publications in socially responsible financial products— the attempt is to define and pre-analyze this problem in this article. The need for a new type of banking that is more responsible and ethical compared to the traditional one is identified. The main research question is the following: is there a need and space for financial institutions (mainly banks) to offer socially responsible financial products in the context of their potential contribution to sustainable development?
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